Yukos denies it's in talks to sell stake

JennySpitz

SAN FRANCISCO (CBS.MW) -- Russian oil company Yukos denied Tuesday that it was in talks to sell a substantial minority stake to a foreign oil company.

Shares of both ChevronTexaco
CVX, -0.35%
and ExxonMobil
XOM, +0.43%
traded lower Monday after a report said the two U.S. oil giants were likely to submit rival bids for a roughly 25 percent stake in Yukos, Russia's second-largest oil firm.

But the stock of both companies returned to positive territory after Tuesday's announcement, with San Ramon, Calif.-based ChevronTexaco rising 25 cents to close at $73 and Irving, Texas-based ExxonMobil shares climbing 20 cents to $37.71.

In a statement Tuesday, Yukos said it "is always conducting negotiations with the world's leading energy corporations, about a broad range of possible joint business projects. However, at the present time, Yukos has no written or verbal agreements to sell a substantial block of Company shares, nor is it aware of any such agreements signed by its shareholders... The Company regards the rumors that have appeared to be speculation, and not in keeping with the principles of good-faith business practice."

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